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According to a Forbes report, stablecoins were used for over $30 trillion worth of transactions last year, a volume greater than Visa and MasterCard combined.
The CFTC is permitting the use of stablecoins for derivatives trade settlement.
Since the third or fourth quarter of last year, incumbent financial players have been launching attacks on proposed crypto-friendly regulations due to fears of losing their economic advantages.
The Chairman of the SEC aims to migrate capital markets on-chain to enable instantaneous (T+0) settlement, a move opposed by financial intermediaries who profit from settlement delays.
The rapid adoption of tokenized U.S. dollars is causing concern globally that it will put enormous pressure on the relevance of foreign currencies.
Checkout.com previously had to suspend its stablecoin settlement service because the regulatory framework was not in place and it could not find suitable banking partners.
Checkout.com is currently in the process of relaunching its stablecoin settlement service for merchants.
Checkout.com, a UK-based company, will begin the rollout of its new stablecoin service in the US market before expanding elsewhere.
Some corporate treasury teams are beginning to consider managing their entire treasury operations on stablecoins to simplify cross-entity settlements.
In the United States, spot market crypto transactions are currently subject to a patchwork of 50 different state-level regulations, creating a chaotic environment and high compliance burdens.
Passing federal legislation for crypto is Coinbase's number one policy objective.
Faryar Shurzad of Coinbase stated that the U.S. government's past stance on crypto effectively encouraged innovators and developers to take their ideas overseas or abandon them.